The Fort Myers firm will develop biofuel technology at a brand new facility.
Algenol Biofuels executives have spent decades developing commercial methods for producing ethanol.
Now, thanks in part to a $10 million investment from Lee County, the Fort Myers-based firm will be able to conduct more research in a new 40,000-square foot facility. The plant is scheduled to open Oct. 19.
Algenol produces ethanol directly from carbon dioxide and seawater using hybrid algae, sunlight, and a healthy dose of advanced technology. The company has been refining its methods since it was founded in 2006.
In 2008, the Business Review reported on a $70 million investment made by Algenol's partners into their own business.
The company will celebrate the grand opening of its new facility at 16121 Lee Road tomorrow at noon. CEO Paul Woods will be there for the event, as will Lee County Commissioners Tammy Hall and Ray Judah. U.S. Rep. Connie Mack, R-Fort Myers, will also attend.